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B6 lists Far Rockaway apartment site for $70M

Paul Massey’s B6 Real Estate Advisors has begun marketing a Far Rockaway apartment building for $70 million.

Investor Doron Pergament has retained the firm’s Ben Efraimov, Andrew Winwood and Nikola Cosic to sell Ocean Blue at 120 Beach 26th Street, a 126-unit apartment building with an adjacent 53,000 s/f development site located in a qualified opportunity zone.

Built in 2009 and renovated in 2016 the property has its own fitness center, game room, private outdoor beach area with cabanas and more.

Currently operating as a luxury apartment building, the 15-story property consists of 126 rent stabilized apartments and one commercial medical office space.

The property is enrolled in the 421-A tax abatement program offering a next to zero tax bill in exchange for affordable housing.

Ocean Blue is comprised of approximately 156,953 s/f on a 44,282 s/f lot with approximately 200 ft. of coastal frontage.

A 2017 rezoning of a 23-block area of Far Rockaway that permits bigger buildings is expected to bring over 3,100 apartments, 164,600 s/f of retail space, and over 80,900 s/f of community facility space over the next several years.

Last week, luxury housing developer PMG announced it was partnering with the local  Brisa Builders to develop its first property in Far Rockaway. The JV has filed plans for a nine-story mixed-used building at  19-15 & 19-19 Cornaga Avenue with construction expected to start in late 2021.

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